Retail-Commercial for Sale
Catylist Listing ID: 29973457
Property Subtypes: Free-Standing Building
Building Size (RSF): 36,000 SF
Gross Building Area: See Agent
Gross Land Area: 3.97 Acres
Sale Price: $8,300,000
Unit Price: $230.56 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: STEIN MART
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 11/23/2017

Overview / Comments

Stein Mart is a 36,000 square foot freestanding building located in La Quinta, CA. It is part of Washington Park, a 600,000 square foot Power/Lifestyle Center. Other major tenants in the center include Target, Lowe's, Cost Plus, Trader Joe's, Century Theaters, and several other retail tenants. The property is directly across Highway 111 from the One Eleven La Quinta Center, a 180,000 square foot power center anchored by Kohl's, Hobby Lobby, Ross, Petco and Stater Bros Market.
There are several major retailers in close proximity that include Costco, Walmart, The Home Depot, Smart and Final, Aldi Market, In-N-Out Burger, Chase Bank, Best Buy, Wells Fargo, DSW, TJ Maxx, Ulta Beauty and several others.
Stein Mart originally signed a 15 year lease that commenced in 2004 that included a rental increase in the ninth year of the lease and further increases in each of the three (3) five (5) year Option Periods. They have already exercised their first five (5) year option.
Stein is a publicly traded company with over 5000 employees located in 278 stores in 30 states. Their Annual Corporate Sales were $1.263 Billion. Their stock trades on NASDAQ under the ticker symbol SMRT. The lease is a Corporate Guaranteed Lease with approximately 8.5 years remaining plus two 5 year options.

Additional Details

Nearest MSA: Riverside-San Bernardino-Ontario
County: Riverside
Tax ID/APN: 643-020-046 & 643-020-047 Portion
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Located Between: Washington Street and Adams Avenue
Property Visibility: Excellent
Largest Nearby Street: Highway 111
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 2004
Roof Type: Flat
Construction/Siding: Block
Total Parking Spaces: 225
Parking Type: Surface
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,100 78,532 158,622
Median Age: 44.86 40.63 39.22
Households: 2,047 29,652 56,928


Photograph of Listing Agent

Thomas R Beaty

El Paseo Realty Group - Commerical Real Estate
DACIE Member

Sponsoring Organization

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